7/2, 7:53 PM (Source: TeleTrader)
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Chart for: WIRECARD AG

Wirecard has falsified income since 2014 - report

The management team of Wirecard AG has artificially inflated the company's sales and earnings with fake income since 2014, the Suddeutscher Zeitung reported on Thursday citing case investigators.

The law enforcement is suspecting that Wirecard has worked with wrong numbers starting from the 2015 annual balance sheet, as alleged fiduciary accounts holding the missing €1.9 billion wouldn't have existed otherwise.

Meanwhile, the latest developments on the accounting scandal note the German company could also face fraud probe on top of balance sheet falsification and stock price manipulation. Furthermore, Softbank reportedly wants to end its 5-year partnership with Wirecard due to the scandal.

Breaking the News / ND